In contrast to Ugly’s boxed wine, Dr. Brett’s thoughts on the death of the super-trader dream, and my comment on trading as the unglamourous life, the real life of those who manage OPM (other people’s money) is truly … glamourous.
They travel in style:
. . . [Jimmy] Choo offers the Bari bag, a crocodile tote with the added touch of a fur blanket. Indeed, the package concept, a first for the label, is part of the new Jet Set collection, designed with luxe travelers in mind. “The creation of wealth in the last five years or so has been enormous, especially with the private equity world and the hedge funds,” says Jimmy Choo’s founder and president, Tamara Mellon. “With private air travel there’s the demand for something that’s absolute superluxury.”
In case you want to snap one up, the 10 available for U.S. clients are already spoken for at $28,000 each (includes the fur blanket). And the napa ones — 50 black and 20 navy @ $2,195 each — are probably gone.
They know the definition of a “cellar’s market”:
“Eighty, 90, 100,000,” calls out the auctioneer, barely pausing for breath until he reaches $260,000. When he finally brings down the gavel at $320,000, the crowd applauds the astronomical price paid for four bottles, two magnums and one double magnum–in all, equivalent to a single case–of a 2004 Bordeaux-style blend from a small local winery called Colgin Cellars.
“Let’s go see who it is,” chirps proprietor Ann Colgin, as she pops up from the table that she and her husband, investment banker Joe Wender, put together for the event. . . .When she returns to her seat at the head of the table of “hedgies” (hedge fund managers) and “VCs” (Silicon Valley venture capitalists), Colgin reports that the winning bidder is an investment honcho, who, as part of his purchase, will also be treated to a wine-soaked dinner for himself and nine friends at Colgin’s winery. Apparently, he’s been trying to get his hands on her bottles for a long time.
And you wonder why so many of deals suffer from The Winner’s Curse…